TLDR
- Dogecoin currently trades at $0.196, consolidating between $0.185 and $0.20 after breaking below $0.22 support
- Monthly chart shows a four-year rounded bottom pattern formation dating back to the 2021 bull run peak
- Technical analysis suggests potential 300% upside target to $0.50 if the pattern completes successfully
- Price faces immediate resistance at $0.20 level with support holding above $0.18 zone
- Bulls need to break above May’s high of $0.27 to confirm the start of a major breakout move
Dogecoin price action shows mixed signals as the meme coin consolidates near current support levels. The cryptocurrency trades at $0.196 after breaking below the $0.22 support region last week.
The price decline started from the $0.2250 zone, pushing DOGE below both the $0.220 and $0.20 levels. Bears managed to drive the price as low as $0.1855 before buyers stepped in to defend lower support areas.
Despite the recent weakness, Dogecoin bulls have maintained the price structure above the $0.18 level. This defense of key support comes as technical analysts identify a major pattern formation on the monthly timeframe.
The current consolidation takes place within a narrow trading range. DOGE has been moving between $0.20 resistance and $0.185 support over the past 24 hours.
Price action shows DOGE trading below the $0.20 level and the 100-hourly simple moving average. A connecting bullish trend line has formed with support at $0.1910 on the hourly chart.
Monthly Pattern Formation
Technical analysis reveals a rounded bottom pattern spanning nearly four years on the monthly chart. The formation began with the explosive 2021 bull run that pushed DOGE to its all-time high above $0.73.
Following that peak, Dogecoin entered an extended correction phase through 2022 and early 2023. Each decline consistently formed higher lows, creating a smooth curved base that appears to be completing on the right side.
The rounded bottom represents a powerful reversal pattern typically seen at the end of major downtrends. Every contact with the rounded base line has led to bounces toward higher highs since mid-2022.
The current monthly candle tests the base support again. A bounce from this level could send Dogecoin price to a higher high above its December 2024 peak of $0.48.
Bulls have regained control at each major swing low since the 2022 correction began. This consistent defense of support levels strengthens the technical case for the pattern completion.
Price Targets and Resistance Levels
If the rounded bottom structure holds, the projected target could take DOGE above $0.50. Such a move would represent approximately 150% increase from current price levels.
This target zone coincides with major resistance from December 2024 and sits just beneath the 2021 all-time high. A confirmed break above $0.50 could send the price toward new record levels above $0.73.
Immediate resistance on the upside sits near the $0.20 level. The first major resistance for bulls appears around $0.2060, close to the 50% Fibonacci retracement level.
The next major resistance zone sits at $0.2120. A close above this level might send the price toward $0.2250 resistance and potentially $0.2340.
If DOGE fails to climb above $0.20, another decline could begin. Initial support on the downside sits near $0.1910 and the trend line, with major support at $0.1850.
The main support level sits at $0.1720. A break below this level could lead to further declines toward $0.1650 or even $0.1550 in the near term.
Technical indicators show mixed signals with the hourly MACD losing momentum in bearish territory while the RSI trades above the 50 level. A clean monthly close above May’s high of $0.27 would provide the first major confirmation that a breakout is approaching.
The post Dogecoin (DOGE) Price: Bulls Target 300% Rally as Rare Technical Pattern Emerges appeared first on CoinCentral.
